Tanker operator Frontline has seen its ownership interest in Feen Marine Scrubbers (FMS) increase from 20% to 28.9% after the scrubber maker bought back a 30.8% stake from founder Bjørnar Feen.
Robert Hvide Macleod, CEO of Frontline Management said: "FMS has gained market share since our initial investment, and we are pleased to see our ownership stake in the company increase. Setting aside potential financial benefits, our ownership in FMS has allowed Frontline to source high specification scrubbers on short notice, which we believe will present a challenge to many owners as the deadline for sulphur emissions compliance approaches."
Last week FMS successfully commissioned the installation of a system on Trigura Maritime Logistics’ new Suezmax Marlin Sicily bringing to 18 the number of installations in service. At the beginning of this week, FMS also secured an order for a further six installations on vessels operated by Delta Tankers & Marmaras Navigation increasing the total to 27 all of which are to be installed this year.